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There is no income tax on the gift. It is a gift, and could have estate tax consequences, but no income tax cost to either of you.
If and when you sell it, your basis in the property will be the donor's basis. The good thing is since it is your principal residence, the first $500,000 of gain will be tax free.
The gift is very likely tax free now and tax free when you sell.
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You are not responsible for any taxes on the transfer. Capital gains or income tax. You should file a gift tax return when you do the transfer, but there will be no tax to pay.